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Notes to Accounts of Kailash Auto Finance Ltd.

Mar 31, 2015

1. Corporate Information:

Kailash Auto Finance Ltd. is a public company domiciled in India and incorporated under the provisions of the Companies Act, 1956. Its shares are listed on Stock Exchange in India. The company is engaged in the business of NBFC activities. The company caters to domestic market only.

2. Rights , preference and restrictions attached to the Equity Shares

The Equity Shares of the Company , having par value of Re1 per share, rank paripasu in all respects including voting rights and entitlement to dividend

4. Contingent Liabilities:

a. Contingent Liabilities not provided for

Particulars Year Ending Year Ending

March 31, March 31, 2015 2014 Rs Rs

Income Tax & Interest Tax demands disputed by the company ( Amount already paid Rs 57,98,482/-) 58,37,482 58,37,482

Service Tax on Hire Purchase and Lease Amount not Amount not transaction not realized and paid in ascertained ascertained view of interim stay of Hon'ble Madras High Court.

Disputed penalty liabilities in legal cases (Amount already paid Rs 3,55,000/-) 7,00,213 7,00,213

Income Tax Demand for the F.Y.2003-04 ( Matter pending with ITAT) 4,45,727 4,45,727

b. Stock in hire repossessed include 14 cases amounting to Rs 18,17,000/- which are legally disputed and their recovery is pending before the legal authorities.

c. The Contingent liabilities as mentioned in point no a & b above except disputed liabilities on account of income tax and other statutory taxes had been assigned to M/s Kailash Motors Finance Pvt Ltd, Jabalpur vide assignment deed executed on 1 3.02.201 2

5. Fixed Deposits repayment due within one year is Rs 2,89,280/- ( Previous Year Rs2,89,280/-) an all due amount deposited in SBI Escrow A/c. The interest on Fixed Deposit has not be taken during the year.

6. The Company is engaged primarily in the business of Non Banking Financial Activities and accordingly there are no separate reportable segments as per Accounting Standard AS -17- segment reporting issued by ICAI.

7. Certain Balances of parties under sundry debtors, creditors, loans and advances are under confirmations/reconciliation.

8. Information as required in terms of paragraph 9BB of NBFC Prudential Norms (Reserve Bank) Direction 1998 is attached.

9. There was no expenditure/earning in Foreign Currency during the year.

10. There was no outstanding derivative contract as on 31st March 2015.

11. As informed there are no dues to Micro Small and Medium Enterprises as on 31.3.2015.

12. Trade Payables includes amount payables to Brokers where share trading account of the company is maintained.

13. Advance against Property includes amount paid / advance to various parties for striking property purchase deal in favour of the company.

14. Short term Loans & Advances includes amount given as Loans repayable on demand during the normal course of the business of the company.

15. The provision @0.25% on standard assets was made in accordance with RBI directions.

16. Provision for Substandard Asset of Rs 3,50,000 was made during the year

17. Balance with Revenue Authorities includes balances with Income Tax Department.

18. The Non Banking business of the company under category "A" of Reserve Bank of India has been converted to category "B" i.e. non deposit acceptance company w.e.f 12th Jan, 2009.

19. The Previous year's figures have been regrouped, reclassified or rearranged wherever necessary.


Mar 31, 2014

1 General Information:

Kailash Auto Finance Ltd. Is a public company domiciled in India and incorporated under the provisions of the Companies Act, 1956. Its shares are listed on Bombay Stock Exchange in India. The company is engaged in the business of NBFC activities. The company caters to domestic market only.

2 Contingent Liabilities:

a. Contingent Liabilities not provided for

Particulars Year Ending Year Ending March 31, 2014 March 31, 2013

Income Tax & Interest Tax demands disputed by the 58,37,482 58,37,482 company (Amount already paid Rs 57,98,482

Service Tax on Hire Purchase and Lease transaction not realized Amount not Amount not and paid in view of interim ascertained ascertained stay of Hon''ble Madras High Court.

Disputed penalty liabilities in legal cases 7,00,213 7,00,213 (Amount already paid Rs 3,55,000/-)

Income Tax Demand for the F.Y.2003-04 4,45,727 4,45,727

(Matter pending with ITAT)

b. Stock in hire repossessed include 14 cases amounting to Rs 18,17,000/- which are legally disputed and their recovery is pending before the legal authorities.

c. The Contingent liabilities as mentioned in point no a & b above except disputed liabilities on account of income tax and other statutory taxes had been assigned to M/s Kailash Motors Finance Pvt Ltd, Jabalpur vide assignment deed executed on 13.02.2012.

3 Fixed Deposit repayment due within one year is Rs. 2,89,280/- (Previous year Rs. 2,89,280/-) an all due amount deposited in SBI Escrow Account.

4 The Company is engaged primarily in the business of Non Banking Financial Activities and accordingly there are no separate reportable segments as per Accounting Standard AS-17- Segment Reporting issued by ICAI.

5 Certain Balances of parties under sundry debtors, creditors, loans and advances are under confirmations/reconciliation.

6 The Current Assets, Loans and Advances have a value on realization in the ordinary course of business atleast equal to the amount at which they are stated in the Balance Sheet.

7 Information as required in terms of paragraph 9BB of NBFC Prudential Norms (Reserve Bank) Direction 1998 is attached.

8 There was no expenditure/earning in Foreign Currency during the year.

9 As informed there are no dues to Micro Small and Medium Enterprises as on 31.3.2014.

10 The Non Banking business of the company under category "A" of Reserve Bank of India has been converted to category "B" i.e. non deposit acceptance company w.e.f 12th Jan 2009.

11 The Previous year''s figures have been regrouped, reclassified or rearranged wherever necessary.


Mar 31, 2012

1. Corporate Information

Kailash Auto Finance Ltd. Is a public company domiciled in India and incorporated under the provisions of the Companies Act, 1956. Its shares are listed on Bombay Stock Exchange in India. The company is engaged in the business of Leasing & Hiring of Vehicles, Machinery, Direct Marketing Agency, & Financial Consultancy etc. The company caters to domestic market only.

2. Basis of preparation

The financial statements of the company have been prepared in accordance with generally accepted accounting principles in India (Indian GAAP). The company has prepared these financial statements to comply in all material respects with the accounting standards notified under the Companies (Accounting Standards) Rule, 2006, (as amended) and the relevant provisions of the Companies Act, 1956. The financial statements have been prepared on an accrual basis and under the historical cost convention.

The accounting policies adopted in the preparation of the financial statements are consistent with those of previous year, except for the change in accounting policies explained below.

1.1 CONTINGENT LIABILITY AND NOTES

1. Contingent Liability not provided for: As at As at 31.03.2012 31.03.2011

(a) Income & Interest Tax demands distputed by the company (Amount already paid Rs. 57,98,482/-) 58,37,482.00 58,37,482.00

(b) Claims against the company not acknowledged as debt Nil Nil

(c) Service Tax on Hire Purchase and Amount not Amount not Lease transaction not realized and ascertained ascertained in view of interim stay of hon'ble paid Madras High Court for the period up to

(d) Disputed penalty liabilities in legal cases 7,00,213.00 7,00,213.00 (Amount already paid Rs. 3,55,000/-)

(e) Income Tax Demand for the F.Y. 2003-04 (Matter pending 4,45,727.00 4,45,727.00 with ITAT)

2. Stock in hire repossessed include 14 cases amounting to Rs. 18,17,000/- which are legaly disputed and their recovery is pending before the legal authorities.

3. The contingent liabilities as mentioned in point no. 1 & 2 above except disputed liabilities on account of Income Tax & other statutory taxes had been assigned to M/s Kailash Motors Finance Pvt. Ltd. Jabalpur vide assignment deed executed on 13-02-2012.

4. Segment Reporting

The company is engaged primarily in the business of financing and related services and accordingly there are no separate reportable segments as per accounting standard AS-17- segment reporting issued by ICAI.

5. (a) Related Parties

Relation Name of the Party

(I) Subsidiaries Company does not have any subsidiaries.

(ii) Joint Venture Company Company does not have any joint venture

(iii) Other related Parties with whom transactions entered during the year 1. Commercial Automobiles Pvt. Ltd. 2. Commercial Body Builders

3. Kailash Motyors Finance Pvt. Ltd.

(iv) Key Management Perssonel 1. Mr. Rahul Agrawal, Director 2. Mrs. Shalini Gupta, Director 3. Mr. Kailash Gupta, Director

4. Mr. Rajesh Dhirawani, Director

6. Expenditure in foreign currency : Nil (Previous Year - Nil)

7. Income in foreign currency : Nil (Previous Year - Nil)

8. Fixed deposits repayment due within one year is Rs. 3,10,880/- (Previous Year Rs. 3,14,891/-) and all due amount deposited in SBI Escrow A/c

9. Market value of quoted investment as at 31-03-2012 is Rs. - Nil

10. Certain Balances of parties under sundry debtors, creditors, loans & advances etc. are under confirmations/reconciliation.

11. There are no dues payable to Small Scale Industries undertaking.

12. In the opinion of the Board, the Current Assets, Loans and Advances have a value on realisation in the ordinary course of business at least equal to the amount at which they are stated in the balance sheet.

13. During the previous year excess MAT provision for the F Y 2009-10 i.e. Rs.12,90,488/- (2158950 - 868462) has been creduted in P & L A/c under the head Extraordinary Interns.

14. Balance sheet abstract and company's general business profile as per Part IV to schedule VI of the Companies Act, 1956 shown in Annexure "A".

15. Previous year figures have been regrouped, rearranged and reclassified whereever necessary to make them comparable with this year's figures.


Mar 31, 2010

(A) CONTINGENT LIABILITY AND NOTES

1 - Contingent Liability not provided for: As at As at 31.03.2010 31.03.2009

(a) Income & Interest Tax demands distputed by the company (Amount already paid Rs. 57,98,482/-) 5,837,482.00 5,837,482.00

(b) Claims against the company not acknowledged as debt Nil Nil

(c) Service Tax on Hire Purchase and Lease transaction Amount not Amount not not realized and paid in view of interim stay of honble ascertained ascertained Madras High Court for the period up to

(d) Disputed penalty liabilities in legal cases 700,213.00 700,213.00 (Amount already paid Rs. 3,55,000/-)

(e) Income Tax Demand for the F.Y. 2003-04 (Matter pending 9,496,651.00 9,496,651.00 with Commissioner (Appeals)

2- Segment Reporting

The company is engaged primarily in the business of financing and related services and accordingly there are no separate reportable segments as per accounting standard AS-17- segment reporting issued by ICAI

3- (a) Related Parties

Relation Name of Party

(I) Subsidiaries Company does not have any subsidiaries.

(ii) Joint Venture Company Company does not have any joint venture

(iii) Other related partieswith whom transactions entered during the year

1. Commercial Engineers & Body Builders Co. Pvt. Ltd.

2. Commercial Automobiles Pvt. Ltd.

3. Commercial Body Builders

4. Commercial Auto Centre

5. Chandra Brothers

6. Tirupati Services Ltd.

7. Kailash Motors Finance Pvt. Ltd.

8. Kailash Auto Builders Pvt. Ltd.

9. Kailsh Vahan Udyog Ltd.

10. Kailash Automobiles

11. Kailash Motors Kanpur

12. Commercial Motors

13. Shivam Motors Pvt. Ltd.

(iv) Key Management Perssonel 1. Mr. Rahul Agrawal, Director 3. Mr. Kailash Gupta, Director

2. Mrs. Shalini Gupta, Director 4. Mr. Rajesh Dhirawani, Director

12- Expenditure in foreign currency : Nil (Previous Year - Nil)

13- Income in foreign currency : Nil (Previous Year - Nil)

14- Fixed deposits repayment due within one year is Rs.3,20,912/- ( Previous Year Rs.4,22,191/-) and all due amount deposited in SBI Escrow A/c

15- Market value of quoted investment as at 31-03-2010 is Rs.

16- Certain Balances of parties under sundry debtors, creditors, loans & advances etc. are under confirmations / reconciliation.

17- There are no dues payable to Small Scale Industries undertaking.

18- In the opinion of the Board, the Current Assets, Loans and Advances have a value on realisation in the ordinary course of business at least equal to the amount at which they are stated in the balance sheet.

19- Balanced sheet abstract and companys general business prome as per Part IV to schedule VI of the Companies Act, 1956 shown in Annexure A.

20- Previous year figures have been regrouped, rearranged and reclassified whereever necessary to make them comparable with this years figures

21- Schedule "1" to "14" form In integral part of the Balance sheet and Profit & Loss Account

 
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